ARTICLES 

-  OF - 

ASSOCIATION 

AND 

B  3T-:L  s 

OF 

- THE  - - — 

JEWISH  FARMERS’ 
COOPERATIVE 
CREDIT  UNIONS 

- - -  ORGANIZED - - 

UNDER  THE  AUSPICES 

O  F 

fhe  Jewish  Agricultural  and 
Industrial  Aid  Society. 


NEW  YORK  CITY. 


26Apl3 


Of  the  many  problems  confront¬ 
ing  American  farming,  none  is 
of  greater  moment  than  that  of 
the  want  of  agricultural  credit 
whereby  the  farmer  can  obtain  on 
easy  terms  and  without  red  tape  a 
moderate  loan  for  productive  pur¬ 
poses.  While  this  form  of  credit 
has,  during  the  last  half  century, 
met  with  most  remarkable  success 
in  many  foreign  countries,  as  shown 
by  the  growth  of  their  agricultural 
credit  banks,  the  average  American’ 
farmer  must  still  depend  for  his 
annual  working  capital  upon  the 
generosity  of  his  neighbor,  the 
forbearance  of  the  local  storekeeper 
the  cupidity  of  the  usurer. 
This  applies  with  special  force  to 
those  farmers  who  have  not  yet 
had  the  time  to  entrench  themselves 
*  in  their  new  vocation. 

The  Jewish  Agricultural  and  In¬ 
dustrial  Aid  Society,  in  order  to 
solve  this  problem,  has  decided  to 
assist  the  various  Jewish  farming 
communities  in  establishing  local 


3 


Co-operative  Agricultural  Credit 
Unions  modeled  somewhat  after  the 
“Raiffeisen  System”  in  Germany. 
The  first  Jewish  Farmers’  Co-op¬ 
erative  Credit  Union,  and  for  that 
matter  the  first  credit  union  in  the 
United  States,  was  organized  on 
May  i,  1911.  These  By-Laws  were 
adopted  by  the  several  Credit 
Unions  that  were  organized  under 
the  auspices  of  the  Society. 

The  Jewish  Agricultural  and 
Industrial  Aid  Society, 

174  Second  Avenue, 

New  York  City. 

July  1,  1911. 


4 


Articles  of  Association. 


WHEREAS,  a  system  of  per- 
sonal  credit,  whereby  short-term 
loans  for  productive  purposes  can 
be  obtained  for  moderate  amounts 
and  on  easy  terms,  is  of  prime  im¬ 
portance  to  those  engaged  in  agri¬ 
culture;  and 

WHEREAS,  our  faith  in  the 
benefits  of  co-operation  and  mutual 
self-help  leads  us  to  believe  that  a 
loan  association  managed  co-opera¬ 
tively  will  best  satisfy  the  needs 
and  conserve  the  interests  of  the 
Jewish  farmers  in  the  vicinity,  be  it 
RESOLVED,  that  we,  the  Jew¬ 
ish  farmers  of - , 

hereby  associate  ourselves  into  a 
voluntary  or  unincorporated  asso¬ 
ciation  to  carry  out  the  objects 
above  set  forth,  and  that  we  adopt 
the  following  By-Laws  for  the 
government  of  the  said  association : 


5 


f 


\ 


ARTICLE  I. 

NAME. 

The  name  of  this  organization 
shall  be  The  Jewish  Farmers'  Co¬ 
operative  Credit  Union  of - 

ARTICLE  II. 

OBJECTS. 

The  objects  of  the  Credit  Union 
shall  be  to  enable  the  members 
thereof  when  in  need  to  obtain, 
for  productive  purposes,  moderate 
loans  of  money  for  short  periods 
and  at  reasonable  rates. 

ARTICLE  III. 

CAPITAL. 

Section  i.  The  working  capital 
of  the  Credit  Union  shall  consist 
of  monies  received  from  the  sale 
of  shares  to  members,  from  initia¬ 
tion  fees,  dues,  premiums,  fines, 
loans,  and  the  surplus  that  is  set 
aside  as  a  reserve  fund.  The  Credit 
Union  shall  accept  no  deposit  ac¬ 
counts  of  any  kind  whatsoever. 


Section  2.  The  number  of 
shares  which  may  be  issued  by  the 
Credit  Union  shall  be  unlimited. 
No  shares  are  to  be  issued  until 
fully  paid  for. 

a.  The  par  value  of  each  share 
shall  be  Five  Dollars  ($5). 

b.  Shares  may  be  paid  for  in 
weekly  or  monthly  installments 
over  a  period  not  exceeding  ten 
months,  the  terms  to  be  determined 
upon  by  the  Board  of  Directors, 
provided,  however,  that  no  share¬ 
holder  shall  be  entitled  to  any  of 
the  benefits  of  the  Credit  Union 
either  in  the  shape  of  loans  or  divi¬ 
dends  until  his  shares  shall  have 
been  paid  for  in  full. 

c.  Each  shareholder  having  his 
shares  paid  for  in  full  shall  receive 
a  properly  numbered  certificate  giv¬ 
ing  the  name  of  the  shareholder  and 
showing  the  date  of  its  issue  and 
the  number  of  shares  represented 
by  it,  the  same  to  bear  the  signa¬ 
tures  of  the.  President  and  the 
Treasurer  of  the  Credit  Union. 

d.  Shares  are  non-transferable 
except  to  members,  and  then  only 
with  the  approval  of  the  Board  of 
Directors.  All  transfers  shall  be 
subject  to  a  tax  of  fifty  cents  (50c.) 
per  share,  and  no  transfer  shall  be 
permitted  if  the  transferor  is  in¬ 
debted  to  the  Union. 


8 


Section  3.  The  amount  6f  initia¬ 
tion  fees,  dues,  premiums  on  loans, 
and  fines,  unless  otherwise  pro¬ 
vided  for  in  the  By-Laws,  shall  be 
regulated  by  the  General  Assembly. 
Should  the  book  value  of  the  shares 
exceed  par,  the  General  Assembly 
may  from  time  to  time  increase  the 
initiation  fees  to  the  extent  of  such 
excess. 

Section  4.  The  Credit  Union  may 
borrow  for  the  increase  of  its  work¬ 
ing  capital ,  provided  the  amount  to 
be  borrowed,  the  terms  upon  which 
the  said  money  is  to  be  obtained, 
and  the  name  of  the  prospective 
lender  is  in  each  instance  first  sub¬ 
mitted  to  a  meeting  of  the  General 
Assembly  and  the  loan  duly  author¬ 
ized  by  it;  and  provided ,  further, 
that  the  consent  of  any  existing 
creditors  of  the  Union  shall  have 
been  first  obtained  in  writing. 

Section  5.  All  initiation  fees, 
dues,  premiums  and  fines,  also  so 
much  of  the  net  profits  as  have  not 
been  distributed  as  dividends  to  the 
shareholders,  shall  constitute  and  be 
set  aside  as  a  permanent  reserve 
, fund  of  the  Credit  Union 

Section  6.  No  part  of  the  funds 
of  the  Credit  Union  shall  be  used 
for  any  purposes  except  that  of 
granting  loans  to  members. 

9 


ARTICLE  IV. 


MEMBERSHIP. 

Section  i.  Membership  in  the 
Credit  Union  is  open  only  to  mem¬ 
bers  of  The  Jewish  Farmers’  Asso¬ 
ciation  of - .  Any  member  of 

the  said  association  in  good  stand¬ 
ing  may,  upon  the  purchase  of  one 
or  more  shares,  become  a  member 
of  the  Credit  Union. 

Section  2.  In  the  event  of  the 
withdrawal  or  expulsion  of  any 
member  for  any  cause,  the  book 
value  of  his  shares,  not  exceed¬ 
ing  par,  shall  be  refunded  to  him 
within  twelve  months  from  the  date 
of  such  withdrawal,  any  debts  due 
the  Union  by  said  member  to  be 
deducted  therefrom.  Any  member 
leaving  the  neighborhood  may  re¬ 
tain  his  membership,  but  shall  not 
be  entitled  to  vote  or  to  receive  any 
loans. 

ARTICLE  V. 

GENERAL  ASSEMBLY. 

Section  1.  The  entire  member¬ 
ship  of  the  Credit  Union  shall  con¬ 
stitute  a  General  Assembly,  which' 
shall  meet  at  least  once  a  year,  two- 
thirds  of  whom  shall  constitute  a 
quorum.  In  the  event  a  quorum  is 
not  had  the  first  time,  a  second 
10 


meeting  shall  be  called  within  ten 
days  of  the  first  meeting,  at  which 
such  members  as  are  present  shall 
constitute  a  quorum  for  the  trans¬ 
action  of  all  business. 

Section  2.  Each  member  shall 
have  but  one  vote ,  and  no  voting 
shall  be  by  proxy;  the  vote  of  two- 
thirds  of  all  the  members  present 
shall  be  necessary  to  carry  any  act 
into  effect. 

Section  3.  The  annual  meeting 
of  the  members  shall  be  held  on 
any  day  during  the  month  of  Octo¬ 
ber  of  each  year,  at  which  the  offi¬ 
cers,  consisting  of  a  President, 
Vice-President,  Secretary  and 
Treasurer,  as  well  as  a  Supervisory 
Committee  of  three  members,  shall 
be  elected  for  the  ensuing  fiscal 
year. 

Section  4.  The  fiscal  year  of  the 
Credit  Union  shall  end  on  the  30th 
day  of  September. 

Section  5.  The  General  Assem¬ 
bly  shall  have  the  power  to  review 
the  acts  of  the  Board  of  Directors 
of  the  Credit  Union  and  to  adopt 
rules  and  regulations  for  the  con¬ 
duct  of  the  Union  in  conformity 
with  these  By-Laws. 

Section  6.  The  President  may,  at 
his  discretion,  call  special  meetings 
of  the  General  Assembly  and  shall 
do  so  upon  the  order  of  the  Super- 
11 


visory  Committee,  or  upon  request 
of  any  three  (3)  members  of  the 
Union  in  writing.  Notice  of  such 
special  meetings,  wherein  the  pur¬ 
pose  of  the  meeting  shall  be  clearly 
stated,  shall  be  sent  by  the  Secre¬ 
tary  to  each  member  at  least  ten 
days  before  the  day  of  the  meeting. 
No  other  business  than  that  speci¬ 
fied  in  the  written  notice  shall  be 
transacted  at  such  meetings. 

ARTICLE  VI. 

DIRECTORS  AND  OFFICERS. 

Section  1.  The  four  officers,  to¬ 
gether  with  the  Supervisory  Com¬ 
mittee,  shall  constitute  the  Board  of 
Directors  of  the  Credit  Union. 

Section  2.  The  duties  of  the  of¬ 
ficers  shall  be  those  usually  per¬ 
formed  by  such  officers.  The  offi¬ 
cers  shall  also  constitute  the  Credit 
Committee  of  the  Union. 

Section  3.  No  officer  or  other 
member  of  the  Board  of  Directors 
shall  receive  compensation,  for  his 
services,  with  the  exception  of  the 
Secretary,  whose  remuneration,  if 
any,  shall  be  fixed  by  the  General 
Assembly. 

Section  4.  The  Board  of  Direc¬ 
tors  and  officers  shall  serve  until 
their  successors  have  been  elected 
and  qualified.  In  case  of  a  vacancy 

12 


in  the  Board  of  Directors  a  special 
meeting  of  the  General  Assembly 
shall  be  called  within  two  weeks  to 
fill  such  vacancy. 

Section  5.  The  General  Assembly 
may,  at  a  special  meeting  called  for 
the  purpose,  declare,  by  a  two- 
thirds  vote,  the  office  of  any  mem¬ 
ber  of  the  Board  of  Directors  va¬ 
cant,  provided  said  meeting  was 
called  in  accordance  with  the  pro¬ 
visions  of  Article  V,  Section  6  of 
these  By-Laws. 

ARTICLE  VII. 

CREDIT  COMMITTEE. 

The  duties  of  the  Credit  Commit¬ 
tee  as  such  shall  be  to  pass  upon 
all  applications  for  loans  and  the 
affirmative  vote  of  three  members 
of  the  committee  shall  be  necessary 
for  the  granting  of  any  loan.  It 
may  meet  at  any  time  and  as  often 
as  required. 

ARTICLE  VIII. 

SUPERVISORY  COMMITTEE. 

The  Supervisory  Committee  shall 
meet  at  least  once  a  month  to  super¬ 
vise  the  acts  of  the  Credit  Com¬ 
mittee,  to  inspect  the  securities,  and 
to  audit  the  books  of  the  Union 
and  make  reports  of  the  same  to 
the  General  Assembly. 

The  Committee  shall  keep  a  com¬ 
plete  record  of  all  its  proceedings. 

13 


ARTICLE  IX. 

TREASURER. 

The  Treasurer  shall  be  the  cus¬ 
todian  of  the  funds  of  the  Credit 
Union  and  shall  keep  a  separate  set 
of  books  of  entry  containing  in  de¬ 
tail  the  financial  transactions  of  the 
Union.  He  shall  furnish  a  bond  for 
the  faithful  performance  of  his  du¬ 
ties  for  an  amount  to  be  determined 
by  the  General  Assembly. 

ARTICLE  X. 

SECRETARY. 

The  Secretary,  in  addition  to 
whatever  other  duties  he  may  have 
to  perform,  shall  keep  a  complete 
record  of  the  acts  of  the  General 
Assembly  and,  as  a  member  of  the 
Credit  Committee,  he  shall  also 
keep  a  record  of  the  proceedings  of 
that  committee  in  a  special  book 
provided  for  the  purpose.  All  offi¬ 
cial  records  shall  be  in  the  English 
language. 

ARTICLE  XI. 

DEPOSITORY. 

The  funds  of  the  Credit  Union 
shall  be  deposited  in  a  national 
bank ,  state  bank  or  trust  company , 
and  all  loans  and  other  disburse¬ 
ments  shall  be  made  by  check  drawn 
by  the  Treasurer ,  or,  in  the  event 

14 


of  his  disability ,  by  the  Secretary, 
and  countersigned  by  the  President 
or  Vice-President. 

ARTICLE  XII. 

LOANS. 

Section  i.  Any  member  of  the 
Credit  Union  in  good  standing,  with 
the  exception  of  the  members  of  the 
Board  of  Directors,  shall  be  eligible 
to  borrow  from  the  credit  fund. 
The  General  Assembly  may,  how¬ 
ever,  by  a  two-thirds  vote,  grant  a 
loan  to  a  member  of  the  Board  on 
the  same  terms  as  to  other  mem¬ 
bers. 

Section  2.  No  loan  shall  be 
granted  to  any  one  who  is  not  in 
good  standing  in  the  Union,  or  who 
has  not  fully  paid  for  his  shares  as 
above  provided,  or  is  in  any  way 
indebted  to  the  Union. 

Section  3.  Loans  shall  be  granted 
only  for  productive  purposes  or 
urgent  needs. 

Section  4.  No  loan  shall  be 
granted  for  a  period  exceeding  six 
months,  nor  shall  any  loan  be  re¬ 
newed  for  a  sum  as  large  as  the 
original  amount.  The  length  of  the 
period  for  which  a  loan  is  granted 
shall  be  determined  by  the  Credit 
Committee  at  the  time  of  granting. 

Section  5.  Loans  shall  not  exceed 
One  Hundred  Dollars  ($100)  in 
amount. 


15 


Section  6.  Loans  shall  bear  in¬ 
terest  at  the  rate  of 'six  per  cent, 
per  annum,  payable  in  advance. 

Section  7.  Any  loan  repaid  be¬ 
fore  maturity  shall  be  entitled  to  a 
pro  rata  refund  of  premium  and 
interest  for  each  full  month  the  loan 
still  has  to  run. 

Section  8.  All  loans  shall  be  se¬ 
cured  by  the  promissory  note  of  the 
borrower,  and  one  or  more  respon¬ 
sible  endorsers,  whether  members 
of  the  association  or  not.  The 
Credit  Committee  may,  however, 
demand  such  additional  security  as 
it  deems  proper. 

Section  9.  Applications  for  loans 
shall  be  made  in  writing,  stating 
specifically  the  purpose  for  which 
the  money  is  borrowed,  and  that  no 
consideration  has  passed  or  will 
pass  from  the  borrower  to  the  en¬ 
dorsers  for  their  endorsement.  In 
case  the  facts  as  stated  in  the  ap¬ 
plication  are  not  found  to  be  as 
represented,  or  the  money  borrowed 
has  been  used  for  purposes  other 
than  those  for  which  it  was  granted, 
or  in  the  event  that  the  borrower 
shall  sell  or  otherwise  dispose  of  his 
farm  or  personal  property,  or  if  he 
ceases  to  reside  on  his  farm,  or  in 
the  event  that  the  Directors  shall 
deem  the  loan  not  safe  for  any  rea¬ 
son  whatsoever,  then  the  loan  shall 
16 


immediately  become  due  and  pay¬ 
able. 

Section  io.  Appeals  from  the 
decisions  of  the  Credit  Committee 
may  be  taken  to  the  Supervisory 
Committee,  who  may  lay  the  matter 
before  the  General  Assembly. 

ARTICLE  XIII. 

DIVIDENDS. 

Section  i.  Dividends,  if  any, 
may  be  declared  by  a  vote  of  the 
General  Assembly  at  their  annual 
meeting,  out  of  the  net  profits  of 
the  Credit  Union  during  the  fiscal 
year  next  preceding.  The  gross 
profits  shall  consist  of  the  monies 
received  as  interest  on  loans.  Net 
profits  are  to  be  arrived  at  by  de¬ 
ducting,  from  the  gross  profits,  in¬ 
terest  on  money  borrowed,  ex¬ 
penses  and  losses  for  the  year. 

Section  2.  Until  the  reserve 
fund  shall  equal  the  total  paid-in 
capital,  not  less  than  twenty- five 
per  cent.  (25%)  of  the  net  profits 
for  each  year  shall  be  set  aside  and 
is  to  become  a  part  of  the  reserve 
fund ,  the  balance  may  be  distributed 
as  dividends  among  the  sharehold¬ 
ers,  but  no  dividends  shall  be  de¬ 
clared  until  two  complete  fiscal 
years  shall  have  elapsed  since  the 
organisation  of  this  Union. 

Section  3.  No  shares  shall  be  en- 
17 


titled  to  dividends  during  the  fiscal 
year  in  which  they  were  issued. 

ARTICLE  XIV. 

DISSOLUTION. 

Section  i.  In  case  of  the  dissolu¬ 
tion  of  the  Credit  Union ,  whether 
voluntary  or  involuntary ,  a  liquidat¬ 
ing  committee  of  three  (3)  mem *- 
bers  shall  be  appointed — one  to  be 
named  by  the  General  Assembly , 
one  by  the  creditors ,  and  a  third 
chosen  by  the  two  selected . 

Section  2.  In  the  event  of  liqui¬ 
dation ,  distribution  of  the  assets  of 
the  Union  shall  be  made  in  the  fol¬ 
lowing  order: 

a.  Repayment  of  money  borrow¬ 
ed,  including  accrued  interest. 

b.  Payment  of  other  legal  obli¬ 
gations. 

c.  Pro  rata  apportionment  of  the 
balance  among  the  shareholders. 

ARTICLE  XV. 

AMENDMENTS. 

With  the  exception  of  Sections  4, 
5  and  6  of  Article  III ;  Section  2  of 
Article  V ;  Article  XI ;  Section  2  of 
Article  XIII ;  Article  XIV  and  this 
Article ,  which  are  to  be  a  part  of 
the  fundamental  laws  of  this  Union 
and  are  not  amendable,  these  By- 
Laws  may  be  amended  by  a  two- 
18 


thirds  vote  of  the  General  Assem¬ 
bly  at  a  meeting ,  notice  of  the  pro¬ 
posed  amendment  having  been  given 
at  a  previous  meeting  of  the  Gen¬ 
eral  Assembly ,  provided  the  consent 
of  the  creditors  of  the  Union  has 
first  been  obtained  in  writing. 


19 


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t^asne  oym  oyi  ps  pn^a  jy1? 
,-in«^  oyn  ins  ppjn  tanyap  pa 
nyn  .QJHjyya  tatny  in  taxn  dnii 
lytauyssne  h  ]td  anytatryn  ta^aNna 
-^)  m«^n  "ikd  toanyj  fyo  dsii 
lan'^n  ta^aNia  nym  *iyn  .(d:n 
n  atcis  taayay-i  jyta  dnii  ,ayiDisj 
ta'bnKS  j$prp  n  dnii  ,fyta:ysNne 
jyta  jyn  p«  ly-ixta'nyip  ynrpx  is 
cyDiysDpy  *h  e$~is*  taayDyi 
c«n  ,D3yn«tr  ynynN  p«  (,ni«sin) 
•|yta^y:  tasn  iNnn  n 

W'?  nyn  ro  —  .2  anymtanx 
tan  in  tayn  “Tase  vnytyn  -iy5  dkh 
;yt2^nNsy:r,'N  nyn  ta'ta  fyD'^anya 
tan  |yn  ,D-iytr  nya  ^ta'ssp 
-sns  anja«ns  ps  rp^a  pa  nyanyn 
ym  ys'fnny  n  pa  (25%)  taays 
-yn  nyn  n«a  jyDnyaiKns  ta'a^ns 
|yp  Dy  DNii  p«  ,naKa  nnyr 

Dxn  yp’is  h  pwns  jy'nvttais  jyta 
nay-mm  p'p  nyns  .Dnytr  jya$n 
Dy  ro  ,pnyn  ta‘7,|,'tayaDnN  tan 
■cs)  y'ne  '"ns  fya'-ay  in  jytyn 
ptm*'  ta'nynp  n  ta^n  ansi  (Pyp 
•tannnsany  in  ta«n 

17 


,DJKtP”p'5>B8  —  .9  aai^moaB 
jj/^r  ,t^yj  jyrp^  Dya  jyo  yaPyii  pn 
jyo  ya^yvi  pn  ,yjyantyyj  pn 
Dtfn  ay^iv  5y’V  d$p  jya>nB>  p^D’n 
-ptjnay  m  Dip  pN  ptfya  m  on”?  jyo 
pa  oon^ya  yj”p  do  tynipya  DpyD 
tayii  }yo  ion  .p^yi  n  Dir Di$n  oyp 
lyDpsa  yjytpiya^  n  tn  ^ypayaonB 
do  fynya  fyrn  ikb^p’^bb  pyp  pn 
Danpapya  pn  p^yi  m  pyp!*  p'Dao 
spin  do  lyDNt  ypypJN  spin  lyn^nya 

ps  pyp*  ,jyrp?yj  D*n  jya  otjivi 
h  lyn^yj  D*n  D*n  pyp  tn  ,5bb 
jyawyjpya'N  ~iynt?  Danppya  D*n  p^yi 
pyp*  ,DinDjya”N  pn  pyp*  DP*a  pn 
Pdon  tym*n  iv  spin  Dpyn  py  pon 
jySyii  |yp*Dpypm  m  aoN  pyp*  ,dpn3 
pyan  soya  do  pn  am  pyp  tn  jypjyp 
pd  inp  ,yaNniN  pn  Dy  ya^yp  ay^iv 
DjnBDyjaoN  jyDD^yjty  dn  am  pyp 

.rypyvi 

-i^ya  m  fyjyj  —  .10  oi^moaN 
lyo  jyp  yDm*p  tanypp  pyp  pa  yD 
pN  ,yD>D*p  5*pdj*p  pyp  iv  lyp^yaN 
spin  tyo”pap*a  Dy  jyp  yD’D*p  ytym 
.aatfasnya  pyj^Dyj^N  /utfyvyaD  n 

.13  ^ypmPN 

.D3j?Tnn 

-'m  pyp  "a  —  .1  jm^ntaas 
16 


no  ptt  pyoo’Dsyya  pyp  iv  jy5 
^mo  n  py  no  ,dinj  ayp  lyo^a 
-ooy  jyo  aj{0  m  *pin  D”V  n  .ly^n^v 
”2  fypyn  oo’ocwn  span  ptfyj  h  trP 
jyn  ,o”v  pyp  pn  yo'o^p  onypp  pyp 
4^  ayp  jynoyotyyn  ”t 

o’j  i p’p  —  .5  jji^’noas! 

.($100)  p,n5$p  onynnn  pa  pycyp:  pn 

lyaPNP  DJi*i0  h  —  6  jn^’rioaN 
(6%)  ojyvsris  opyr  lyisponnx 
o^n^yan’K  jypyn  ya^yn  p^iny’ 

.DnNPi$B 

o^n^v  pyn’N  anN  —  .7  aji^moaN 
nyy;  ^n  o^n  oy  pyp”N  jn^  pn  2^ 
•yj  oi*n  py  pya^yn  sins  p^v  h  djh 
iyoipya  iv  oroaypya  py  ns  ,jyn^ 
fypps  |ypy'  pnb  tyojyv^ps  n  pmv 

.onj^o 

-pnp  y^N  —  .8  Pi^moaN 
O’yopyn)  dinj  n  t3’o  opyanya  pn  jya 
pyp  px  ptfya  h  oonyj  d$ii  ayp  pa 
DW”N  ,12  DDP^Pjy  pn  PPNP  01NJ 
tyyoyo  yaPop^noiNpya  2  "a  pyp$ 
,jNt5”’K’DtfD8  pyp  pa.  pypy^ap’o 
onypp  n  .pypyPao’o  p’p  op  pypf* 
jypypp^a  iv  oayp  d$p  o$n  yo’o^p 
jy^yyi  »n  m  jyjjipyanpya  ypypiN 

.nnona  pnb  tyraya 


15 


pa  nymrjnta  c"n  jjnyjyaD'TiB 
D"n  jjjnntryjijjiDJiK  "piK 
.pjyp 

.12  ^yp'O-iN 

.(mKi'rn)  djnn1? 

-yptrou  ~\]nv  —  .1  iitf'TiDPN 
■'in  ;in'JP  "W  ns  py^JD’o  nyuyn 
nt?  TiNtp  pyn  pa  Dnypoyo  h  ivd 
tyrr'S  iv  ppppypya  pn  ,DH$opjnH 
-"oya^s  h  .unb  p'pypp  Dyp  ps  n^yj 
3J'id’Dbp'’n  pyn  p’p  aiifoNnya  y: 
■"^  iv  jyD'^yp  jy:yp  ^ypm  "iiv  ps 
nyn  ps  pyiy'^p'o  'i  iv  i^yj  fyn 
yp^yr  h  spin  oi^Dpyi'i  tin  tinns 
.iy'?3D’D  py*UN  in  iv  pi  tyuiunyp 
■i#t  yj"p  —  .2  jji?"nt328 
■pu  D'j  n  iv  jypyn  jypyjy;  B’rjy^ 
ntn  iv  pyiN  pty^D’D  lyuynypt? 
t5^n^vyjj"N  jyvJNJ  pN  P’j  dnp  dnp 
]'n  t’N  py  3'in  pyPN  ,dw  yi’n  pnb 
pyn  iv  DJ'p^typya  ayvi  pn  Dy  jya^yu 

.IN’JP 

pnj  ivo  “tfyj  —  .3  3Ji?"n»3N 
pypN  i y^rv  jnpppnsjnB  ny^iv  ryn"^ 
.nta'u  jyD’nj  n  pN 
iyn"^>  D’j  jyo  —  .4  ui^viDaN 
-No  Dpyt  py-p’N  D”v  ynyjjy^  n  spin 
rnNVJ”N  p';  ;yp  pyp'N  jyp  pn  ,tyoNJ 


14 


-aya  ypy’ifaxa’a  yPx  pa  fyD”n^yifa’’x 
h  axa  Demyan  d^x  .fyaatfaasn 
-a^ae  yj’H  pa  aaian’BD’ix  ya’^any 
Daaxa  fyaya  ayaitytyata  aya  no  fyta 
tao’D^ya  tayn  oy  mi  yniD  xtx  n’ix 
.aaifostaya  aya”tay:^x  aya  ”a  fyayn 

.10  ^yp’taax 

•aytayapyo  aya 

-as  y5s  h  ayD’ix  aytayapyD  aya 
Dmx  jyp  Dy  ya^yu  ^yoa^as  yaya 
fyn^xn  ay  no  ,jy^aDMs  fympD’ix 
fyaai^aaxn  y^x  pa  aaxpya  jyotjip^B  x 
fix  ,fyaai^axnya  ya”taya?x  ’a  fia 
yo’DXP  tanyap  aya  fia  ayatayo  d^x 
y5x  fia  aaxpya  x  fyta^sn  a’ix  ay  nn 
yta’taxP  tanyap  aya  fia  jyaai^aaxnaya 
-’if  fyiyn  ay^iv  aia  fy^y’xyaD  x  px 
I”T  fy^xt  Daaxpya  y^y’irax  y5s  .py 
.axaaty  ayty’Paay  aya  px  fyan^ya 

.11  Pyp’taax 
pnKtamKSP 

tanyap  aya  pa  jyaays  y?x  h 
-ya  x  px  iyta'Txsya  jyta 
aya$  paxn  ta^tao  ,paxa  ‘pxaxtr 
Days1?  y'ax  px  ,paxi  taDgata 
-xt  jynxaDMX  yayaax  p«  (nixiPn) 
opytyta  ta’a  iyayn  taaxDpa  fy1? 

13 


oya  p ;o  ya^yn  px  (tyurnyvox)  ojx*y 
txx^  x  lyyoyotyya  iv  .-tfw  jyn"? 
:mo,’tttyj”x  h  iyaxn  jyo  no  (nxtfn) 
onypp  pyp  pa  pypy^ao’o  "pp  pa 
ypmx  o^xn  yo’oxp  yiyp  .yo’oxp 
ppi  opypxa  Dy  ni  oax  ntx  jyjj’tyo 
-yi  jyrnjyoe^xs  x  |yaxn  no  n  px 
•lyjjtfpjxmya  ypmx  y^x  pa  n~tt?p 

.8  ^yp’opx 

•yiD'Dsp  5>$*H2J$p 

yo’oxP  (nxrvnyavD)  5x“ioj$p  h 
jj’O’d  p’x  tyoDJ’jyn  ax  tyaxn  no 
h  jyamvpyom  dix  ,oxj^o  pypy' 
-’oxp  onypp  pyp  pa  jyjjtfpjxn  y^x 
-pya)  D’on'npyo  n  jypipivpya’x  ,yo 
pya'a  n  tyamyonx  px  flyaanyan 
-yj  ”T  dxii  Dy^x  jyayn  .ix’Jn  pyp  pa 
pyp  iv  lyopxayp  ”t  jyapxp  onx  jyre 
yo’oxp  ytyn  .ajtfoxnya  pyyoyj^x 
ypmx  y^x  pa  ppxpyp  x  jyo^xn  no 
.lyjjtfpjxmya 

.9  ^yp’opx 

.(nytaD^DXtastr)  pjmtyrjnta 

"Dxp  pyp  pn  Px*  pypitytypo  pyp 
*’jn  pyp  pa  ppyi  h  pa  (poic?)  jypxo 
px  , pya'a  ypypjnya  jyaxn  no  py  .tx 
h  fypyn  jyantypya  ty^x*  cy  ya^yn 


12 


~Vi  ppp  lynipya-tvo  iy5t#t  Dp^topypn 
cyp  pyont#  ,to”aps  py>n  psb  toPrt!#* 
■ya  lympya  jyp  pyaPyn  piytoyppyD 
aoifosnya  yrnoyttfs*  h  Py’a  DPns#* 
.lyn'tocyya  tsyn 

-H  VIS#!  TIKip  h  —  .4  Jjtf"nD3K 
■yn  tyapssp  ytotosya  h  ps  DPj#topyp 
-py  |ypyn  pyj^aas#:  ypyn  rs  tya 
.d;os  iy”t  p«  p’PK  lynyj  p«  DPnyn 
■”K  pa  dps#  pyp  vpyP  Dpyn  Dy  tin 

^!#T  ,DPi#DpyPH  11!#  PPNN3  PyP  |13  Dyj 

-nanon#  iyas#n  "m  pa  p«  jyo 
lyP’BD’iN  pN  »'D’o  jy^y'vysD  s  jya 
.topi#  jytppyP  ayp 

-pya  yo^ayo^s  ts  —  .5  tui^ntonx 
jyanyo  Py'vysD  pk  yapyn  , impost 
•j”N  pyp  to’D  ixp  ,Py’v  fytyn  ayPiv 
is  ,typyPppy  Pytonp  mi*  pa  imooty 

DP!#tOpyPH  VI!#  PPKK3  H  p3  Pyj”K 

yapyts  ,oos  pn  pa  mnaya  tspyn 
-yn  jyaipyaanjix  iyno  tyimPostpya 
jyj’n  yapyn  ,p!#o  tyPyayp  h  ^t#j  jyp 
□yp  pa  tuiP^noas  pyto6  ps  oonsopyp 
.Pyp’tops  jyo5 

.7  Pyp’taps 

yto'D^p  ta’Tjnp  n 

■’Dt#p  to’pypp  pyp  jib  tyoa’Paa  h 
-"P'pss  h  jynyipya’x  iv  lyyn  yo 


u 


tfosnya  yyoyj^s  is  lyanana 
-djsp  ,_i  ns  imynsaans  h  fjsi  ^ns 
pyny'pjo'o  "n  pa  pyns  ,yo'osP  ^ 
-js^iys  Dy  jy^yn  yaPyn  js’iv’  ayi  pa 
s  fyananm  iy  no  pptoanty  fya 
pyp  nsa  iyo  10  tyoDnjynos  jyo’D 
-Dms  pyoyipyD  pya  snsp  pjtfosnya 
ps  ,*iyna  pyny^jo’o  yPs  n*  tyyt? 
jyantyya  fpPo’H  pn  5st  Dy  yapyn 
.utfosnya  iyn  pa  5y'jf  dsp 
pya^yn  tyiyn  ,yispa  pyp  pyDns 
ypypis  yn’p  jyayp  ,iyantryj  osn  ;yo 
-^yis  fins  jypyn  o^ypjsmya  jyispa 
.lym^osnya  y^y^ysD  ya 

.6  ^yp’ops 

.yoDBjn  ps  pnNtapjrm 

yoosya  py’a  h  —  .1  m^noas 
_St  yo’osp  ^sisosp  pyp  o'o  lyostn* 
-h  ns  ppssa  n  ly^yoyjyosrnf  jy5 
•IS’Jn  ayi  ps  Dpsopyp 
lia  tyDD’Pas  h  —  .2  m^moas 
,ya^yt  h  pn  jypsi  ytaosya  pya  h 
"a  o^apy  fp^nyiya  jypyn  ya^yn 
tyPST  ynosya  yryp  .yoosya  yapyis 
pyn  pa  yo’osP  onypp  h  pn  ^ns 

•IS’in 

h  tis  yoosya  h  —  .3  an^moas 
ns  nnssa  n  pa  pypy^atyo  pypjs 
10 


ya^ny  n  —  .3  an^N-nans 
-ns  jy^i  fyantosnya  yn’inyal’S 
ps  ins"'  Bjny  pnyn  jyta^snyj 
ns  ay  jyntyn  ps  pynstaps  tasaso 
pnyn  fyan'rasnya  ytyn  rpis  .asta 
-yn  yntyn  ,ytazasyn  h  ta'anyrny 
-ypa  D"n  ,taaymyia  s  pa  fynytaty 
"lynmynta  ps  nytaynpyD  ,taaypn 
-py  tanyn  71s  ps  ,(“iy?taD*'*'oaf«tr) 
yntyn  ^ta’Dsp  ^sptaasp  h  taPnyn 
h  .^y-iy^wn  "*n  pa  tanytatryn 
psa  jypyn  ta^nymy  jyayp  ytaiasyn 
-'vr  ^ns  pa  aamwa^s  pyp  ta'ta 
.nyiy^ata'D  ypayrynas  y^x  pa  Pyta 

y^s  11a  pn*n  dsp  —  .4  a:i5"nta38 
l*pap  tanypp  pyn  pa  fyaaiayayp 
-y  pynoytaayD  iyta30  ayp  lyanay  pu 

.vi#'  Dyn 

-pya  ya^aya^s  n  —  .5  aatf’vitaas 
-pnytaais  taaspp  h  tynsn  lyaatfosr 
ppssp  h  pa  fyajtfusn  y^s  h  jyait 
4$’ap  tanypp  pyp  pa  Dp^tapypH  p$ 
tyonyaivas  taaspp  h  "t  jynsn  ppx 
3ps  ,jijpap  py-  pxb  (d^ip)  iy5ayp 
tynypaenyppi  taca  jy^yii  jy^ayp  ya^ytet 

.DSS^>  ”3  H 

,taaypnyps  pyn  —  .6  aai^ntaas 
-is  py  jyp  j’ntapa  P’a  taaiaya  py  bps 
9 


-i'  ~i yi  pa  -tfyj  p’p  jyn”5  mya 

.5  ^yp’Dis 
yv'nyfiti)  ^noyD8 
•CmtoBnys 

nyny^D’D  y^x  —  .1  ajtf’TiDax 
-jyoxnv  ty?{?T  ix'jr  tany-ip  pyn  pa 
jyjjifoxnya  yp'oyj^x  h  ly^yot? 
-ynox  jyfosnya  fyno  ya^yri 

?ytam  "liv  .ins’  p«  p'K  jytaDrj 

jyjyDyn  t»  "lyny’^D’o  y^x  pa 
.(5>n$v  ytavyryaoDya)  nn^iip  x  ixa 
*iv  tyj  ■qn  fyoip  |ytaeny  art  arix 
-iv  jyo  f?yt3m  ”iiv  p’p  jyost 
h  px  jjifoxnya  yD”viv  x  tyanapj 
-nya  pyatny  iyn  m:  ayta  jnyv  ytatny 
-torn  ^y’D  jyD’Miv  aiv  jji^dxt 
”t  tyaxn  njytyvox  jyj”t  Dy  pyiy^j 
-tbdpk  px  |y5-ijxmya  iv  oayi  dxp 
4$’3V  *iy-i  pa  lyoey^yj  h  jyp 
-ta'D  “ijnjp  —  .2 
p«  toDyrctaty  px  ns:  toxn 
ps  )jjony:pj?i,'K  ta^  jj?p  nya^p 
-38  jjtta,’tatr  iv  tasjn  dxi  jyta’P'iv 
.□rpx  taxtaty 

px  Dy  ya^yn  ty-irraivapn  nix 
-J”x  h  tya^n  tyo  no  jotfuxmya 
-yvox  h  pa  5ytam  ”nv  pa  jjid’dd' 
.pyny^jD’D  yoyt 


s 


ps  p'p  —  .6  jn'y'n&iiK 
-yn  “7«r  pyp  ps  prnxB  ^ 
~l«r  pyp:x  p^p  =p’T«  jjnyvi  toa^m 
•ta'D  h  ix  pty:  lym^  ix  pyciK 
.j^rp  pyp  ps  “lyiy^j 

.4  ^yp’DPx 

.(e'tsnyiDyB)  t2BNtrpypy,'l?:tyo 
jib  pypy^Jtya  —  .1  jji^vidpx 
p$3  jypyn  lyjyp  t*pjr  trpypp  pyp 
*’x  pyp  ns  pypy^atyo  ypjynytttrtju 

. 112  IXtyX'D^DX  DPyoPXB  py&5”P 

DB’ip  ny^JD’o  pyp  mx . 

.t^’jT’  typypp  pyp  ps  Dpyt? 
X  3’1X  ^>X2  px  —  .2  Jjtf"nt33K 
py  pypx  jyrpxpmx  pn  oyii  py^tro 
-^yn  pyn’x  jypyn  tyDi^tpyjD’ix  oyp 
fyoipyp  py  ppxp  .tyaxnix  rx  Dy  ya 
oyp  px^  Dpyy  yyn  pxb  ttfnxxyjD’ix 
trj  p^j  ,pxJ  n*opyn  typjyp’ODytpy 
-yjjx  rx  d*?ii  rna  pyp  pyp^x  pnyo 
.D',p,2,tDpyD  ayp  sr’ix  lyypy 
pyp  px  pmx  py  acipyp  p^>yj  h 
-c’ipx  pa^j  lynxes  12  112  dvx 
.rypyn  tyax^yyjDnx  pypx,  fyaypD 
-yn  djvx  112  jyoip  o$n  iirtfic?  y5x 
arx  .Dpyy  h  jib  myaypynxpx  iyp 
DBxypxnaxJ  h  ms^pys  py  ?jtyo  x 
ps?p  ,ny^3B’D  x  tyy^rnyB  py  :yc 
jyp  px  Dpypo’DK'  p’p  d’j  D$n  py 
7 


"il/a  “lyj^Dy^X  [X  iynyi* 
rnnx  .('‘iimQK  ^xnyjytyn)  wi^esr 
-jm  pyayn  »jm  D-iytr  h  pa  pna  nyn 
jjtfDxnpa  yj”oy^K  h  iyp  |*n  ,ijd 
-*pa  n5>yj  tantar’K  h  [ynyDyunya 
jyoypDDnpy  Din  me  5>yj$'S"i$a 
.Diytp  h  pa  pns 

■jv1  trnynp  h  —  .4  j^'nisiix 
-pys  is  ms  tty:!  lyn^  jyp  fx1 
yo'iD  h  .‘pxmsxp  oyn  jypyDyn: 
"Hjn  h  “pi«  ^yi”1?  ‘rm  jya  oxn 
,|yrp^  |yp  jyo  ystyn  rpix 
^Vl  DXH  Dyi  pS  P?DNJ  iyi  px 
-yn  taasnnyji^s  nc^ya  n  jysy; 
,:m'7»xnyB  ny^Dyj^x  jx  ixs  jyn 
fyptaytatyyn  i^syrya  epsn  ystyrt 
-Dyrpy  n  px  ,(nxtfn)  jxx1?  cyi 
"’rp  iyn  ps  jyigtanynp  yuypta 
ms  jyrns  nty:  tamp  Dy  fyoyn  ,|x 
ys^tae'nty  pyn  ]yny;  jytamy 
jxx1?  □y,>:  cyr  epx  :i:iD'tDm,’,’x 

.(nxiPn) 

-Dtantor'x  h  —  .5  wi^n-ibix 
-f|X“itaty  px  nyayns  ,dvh  rtyi 
jya  oxn  /Pvita  nyi  *y*ix  ,i^y: 
jy^ytoty  -r:ypriH  ps  synx  tanny: 
■axnxj)  t:xs  rnyryn  cyi  jynxns 
.|x,’jr'  tanyip  pyi  ps  (uxs  ’ta 
6 


un  pa  a’ayaya  Dyi  is  aa’aayu /a 
-jyi  j”p  jyrp’P  is  D’j  fj$’ai’  tanyip 
h  px  ?”naax  p’p  lyanya  is  a’a  jin 

J’N  i”N  D’J  a?H$S  “iy  P3  DUyi’IlH 

.dw  yj”t  nxa  u/saxa 

pa  nyo’najyp’x  nyny’  — 

,iysjNJ  pN  p’N  aPn$s  iy  jyn  ,dw 
(d’jtp’s  n)  n”p’S’DP!jD  x  iy  apipya 
•yj  t’N  ,!ya$a  p’t  fi’iN  jyanB'yj 
jyj”t  Diyty  h  jyn  ,a”S  h  tyanty 
ixa  ,dw  n  jib  Pnxs  n  jin  ,D’nx 
-u$d  ’i  .a5n$syjj”x  a$n  ny  ya^yn 
”3  jya’uyyaiyajix  pn  enxn  a”p’D’a 
nyi  pa  nyimy-ia  jin  eayruha  ayn 
.J$’J1’  any-ip 

jyaynya’X  jya  jyp  dw  —  .n 
jin  ,j$’Ji’  “iyn  pa  ny’^oa’a  x  is  up 
iup  h  pa  jaio’Dtyj”N  un  a’o  up 
lyi’N  an  jya  jyn  .cuppyin  nit? 
-i’  pN  iy^n^sj”x  jyo  *nxrt  dw  h 
2’iN  .nyty  *uny’  -ixa  aayo  50'  is  j^n 
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